Second round of PPP loans approves $221 million in Maine in first two weeks

Applications for loans through the Paycheck Protection Program reopened.
Applications for loans through the Paycheck Protection Program reopened.(station)
Published: Jan. 29, 2021 at 4:56 PM EST
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WASHINGTON, D.C. (WABI) - The reopening of forgivable loans offered through the Paycheck Protection Program is helping local businesses cope with losses associated with the COVID-19 pandemic.

Senator Susan Collins announced today that over 24-hundred small businesses in Maine have been approved in the latest round of loans.

Between January 11th and 24th, $221,560,725 was approved for Maine employers.

“The demand for PPP from Maine small businesses in just the first two weeks of the program’s reopening underscores its vital importance” said Senator Collins. “During the COVID-19 pandemic, these forgivable loans have been a lifeline for tens of thousands of small businesses and have supported hundreds of thousands of jobs across our state. Many small businesses, particularly those in the hospitality industry, have continued to struggle during the ongoing public health and economic crisis, which is why I strongly advocated for extending the PPP. I encourage small businesses to contact their participating financial institution to apply.”

Last year, more than 28-thousand Maine businesses and self-employed individuals received almost 2.3 billion dollars in PPP loans.

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